New Delhi: Due to an increase in sales of hybrid and electric vehicles, there is a great demand for brake-by-wire technology and other cutting-edge automotive brake systems. As a result, manufacturers are moving away from electrohydraulic technology and shifting towards brake-by-wire. By making anti-lock braking systems (ABS) standard equipment in all new passenger vehicles, several emerging nations are following the lead of affluent nations. Against this backdrop, the Asia-Pacific (APAC) automotive braking systems market is forecast to register a compound annual growth rate (CAGR) of 2.8% over 2023-28, according to , a GlobalData leading data and analytics company.GlobalData’s latest report, “Global Sector Overview & Forecast – Braking Systems,” reveals that the braking systems market in APAC is estimated to reach 302.8 million units and 348.2 million units by 2028.
Lucy Tripathi, Senior Automotive Analyst at GlobalData, said, “To make car driving safer, automakers are continually developing new features. Companies offer electronic stability control (ESC) and ABS that work together to avoid skidding and keep vehicles under control. As a result, improvements in vehicle safety technology may spur the market for automobile brake systems to expand.’’
Growth in the APAC automotive braking systems market during the forecast period will be primarily driven by rising public awareness of road safety and an increased number of affluent families. The advancement of braking systems in the region has been aided by the governments’ and regulatory bodies’ safety rules. New technologies lessen the likelihood of accidents by preventing cars from skidding.
“The estimated significant growth in the APAC automotive braking systems market is expected to provide industry participants with several potential opportunities during the projected period as the sales of battery electric vehicles and hybrid vehicles are expected to increase,” Tripathi said.
Braking is becoming more automatic with the level of processing and situational awareness of the most recent generation of high-tech cars, and this tendency will only intensify as autonomous technology improves. Legislation is also a significant factor. To increase road safety, major countries in the APAC region are working on the mandate that automakers provide their vehicles with some kind of autonomous braking system.
“As the road infrastructure across the globe is getting better and passenger cars are cruising at higher speeds now than before, the safe braking system has emerged as an essential and must-have for passenger cars. The increasing number of accidents and loss of lives forced car manufacturers to look for advanced braking systems such as ABS and advanced driver-assistance systems (ADAS). The OEMs have been highlighting these advanced braking systems to market their cars and stand out from the competition,”Tripathi added.
